The Association of Financial Advisers (AFA) has taken its campaign against aspects of the Future of Financial Advice (FOFA) proposals to the independent federal MPs.

The association met Rob Oakeshott, Tony Windsor and Andrew Wilkie as well as the Greens in Canberra last week.

“We had great access to politicians and are very pleased to report that they have met with many of their local constituent advisers often,” AFA CEO Richard Klipin said.

“This tells us that our grassroots campaign to move the policy debate to political engagement is working.”

The AFA delegation also met with a “key adviser” to Assistant Treasurer Bill Shorten as well as officials from Treasury. 

Mr Klipin says the politicians they visited understood the impact of FOFA on advisers, their businesses and clients.

“The message we took to Canberra was that the AFA is actually really supportive of the intent of FOFA,” he said. “Everybody, including financial advisers, would like to see legislation that results in better outcomes for consumers and better access to advice.

“We would love to publicly support the legislation when it comes out in draft form, but we can’t support components which we believe are clearly not in the national interest.”

These include the ban on commissions for life insurance sold through superannuation and the opt-in requirements.

“As they currently stand, the FOFA reforms mean even fewer people will have access to affordable advice, which could ultimately mean fewer will have adequate levels of insurance and fewer will have enough in retirement savings,” Mr Klipin said.

“The impact of that is crystal clear – more people lining up for Centrelink benefits.”

He has now called on AFA members to contact their local MP to lobby against some of the proposals.

“Our endeavours to have some of the FOFA proposals amended have only just begun,” Mr Klipin said.

“We encourage all advisers who have not yet visited their MP to make an appointment today.”